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The 2024 Spring Budget; if you’re a holiday let owner, there’s good news and there’s bad news

The bad news; Tax reliefs which were available on rental income from holiday lets will be abolished from April 2025, meaning the profitability of holiday let businesses will be squeezed.

The good news; You may pay less when you sell your holiday let with a 4% reduction in the higher rate of Capital Gains Tax when selling your second property.

From April 2025, the Furnished Holiday Lettings tax regime will be aboloshed.  Previously, second home owners could benefit from a tax break of up to £4000 a year when making £30,000 a year in rent on their holiday lets, including making your second home available on websites such as Airbnb.  The removal of this tax break will make letting your second home a less lucrative option.

From April 2024, the higher rate of capital gains tax for second home and buy-to-let properties will be reduced from 28% to 24%, meaning landlords will be able to keep a larger portion of their profits from the sale of a second home, after tax.

If you will be affected by any of the changes made in the Spring 2024 Budget, get in touch with us today to see how we can help you.